Definitions
The amount a business adds to the cost of merchandise to arrive at the selling price.
What is markup
The amount a business receives from the sale of an item of merchandise.
What is selling price
A subsidiary ledger containing all accounts for charge customers.
What is the accounts receivable ledger.
A listing of customer accounts, account balances, and total amount due from all customers.
What is a schedule of accounts receivable,
A tax on a sale of merchandise or services.
What is sales tax.
A special journal to record only sales of merchandise on account.
What is the sales journal.
A sale in which the customer pays for the total amount at the time of the transaction.
What is cash sale.
A special journal used to record only cash receipt transactions.
What is a cash receipts journal,
A specialized computer used to collect, store, and report all of the information about a sales transaction.
What is a point of sale terminal (pos)
A cash discount on a sale taken by a customer.
What is a sales discount.